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Filing your taxes each year need not be a stressful experience if you prepare in advance and take the time to understand a little more about what can get you a credit or a deduction. Even if you’re using the services of a tax professional, it doesn’t hurt to understand as much as you can about the whole process, and the more information you can...

Changes to tax legislation mean that small businesses the world over are getting a break on their taxes, and the legislation is one of the most significant tax overhauls passed in decades. It’s responsible for providing pass-through businesses and corporate entities with lower tax rates.

Many U.S. citizens use tax preparers at tax time, and competition can be fierce as tax professionals vie for your business. With around 150 million taxpayers seeking help with preparing and planning for their taxes, the business is a lucrative one and some preparers may try to tempt you with talk of low rates and gimmicky promotions, but then they may quickly add...

EA stands for ‘Enrolled Agent’ and this is the highest credential that the IRS award to tax Professionals; it’s recognized in all 50 U.S. states. Attorneys and CPA’s or ‘Certified Public Accountants’ are licensed on a state by state basis, and they are also empowered by the Department of the Treasury to represent taxpayers...

The overall goal of planning your taxes is to arrange your financial affairs in such a way that your taxes are minimized. There are 3 basic ways in which to achieve this, with each method having some slight variations:

If you’re the owner of a start-up or recently incorporated business, it can be helpful to know the basics of bookkeeping, whether you will be using the services of a paid professional, or not. Here are 4 main steps of the bookkeeping process that it can be helpful to understand:

A bookkeeper worth his money will have the utmost respect for client information and confidentiality, and will have the ability, knowledge and experience to help support a small business with their day-to-day administrative duties, while remaining compliant with tax laws.

For those who may be new to the world of business and have just started their own small company, it can be hard to know whether you need the services of a bookkeeper, an accountant, or both. As they offer similar services, and the terms ‘bookkeeper’ and ‘accountant’ are relatively interchangeable, the choice can be puzzling at...

Research has shown that most dental practitioners overpay in taxes, and the reason behind this seems to stem from their lack of proactive tax planning. By not appreciating, understanding and acting upon the myriad nuances of the tax law, dentists the country over are missing out on potential tax saving opportunities and jeopardising their financial...

The best advice anyone can give you with respect to small business taxes, is to keep them in mind throughout the year, and not just at tax time. Don’t let your receipts, invoices and other financial paperwork be stacked up in a disorganized manner; keep track of them as they come in and file them accordingly, this will make life much easier for you and/or...

When you are the sole proprietor of a business, whether large or small, you need to pay extra attention to your taxes and incurring costly penalties for mistakes or inadequate data, is always a possibility if you don’t engage with a tax preparer.

Tax planning is a vital element of any business and involves delving into various tax options to see if it’s possible to eliminate or reduce, taxes owed by conducting business and personal transactions in a certain way.

While some small business owners are reluctant to get too involved in tax planning, and simply wait...

Managing a business can be a time consuming and challenging affair, particularly if you take care of all aspects of it yourself, such as payroll and bookkeeping. Depending on how your business is operating, finances may be stretched, and you may think there are insufficient funds for outsourcing any elements of the company, or you may simply prefer to run them...

Getting a tax refund is what every U.S. citizen hopes for when they complete their filing, waiting for it to come through can be a nail biting time, though. The IRS state that refunds should be received within 21 days if you’ve used the e-file service or direct deposit but will take a little longer if you’ve filed through the mail or have asked for a...

Most businesses will find themselves having been affected by the Tax Cuts and Jobs Act, which has made big changes to the laws that govern tax deductions for entertainment and meals. Before the changes came in, businesses could make deductions of up to 50% on entertainment related expenses provided they were incurred as the direct result of active trade conduct or...

The tax code, officially titled the Internal Revenue Code, has been written by Congress and has an average of 3.7 million words…at this present time, at least! It’s a compilation of tax laws that have been written and passed by Congress since the ratification of the Constitution way back in 1788.

Attaining and retaining clients is naturally a huge responsibility for business owners both large and small and can detract from other equally important elements of running a business, such as finances. While as a small business owner, you may be busy building up a solid customer base and maximising your potential to make money, you must remember to stay on top of...

Whether you’re a small business owner or an individual looking to take better care of your finances, you may be curious to know the difference between a tax planner and a financial planner, and which of the two you might benefit from using the services of.

If you’re a dental professional, then you doubtless pay out a lot in taxes every year, and you may be asking yourself if there are any legitimate ways to save on the cost of this. Fortunately, there are several strategies that you can adopt to save money on your taxes legally...

Filing your taxes as a small business owner can be a daunting experience, and it’s not always easy to know who, or where to turn to for help and guidance. Many believe that the information published by the IRS is the definitive source of guidance for tax filing, but this may not be the case.

It can really pay to think outside of the box when it comes to totting up your tax deductions, and believe it or not, there are a few creative ways in which you can save yourself some money. That said, these potential deductions are not easy to qualify for, and you would be wise to consult a tax professional before taking any steps towards creative...

There can be multiple reasons for an individual or business owner not filing their taxes on time, and the following information seeks to show what might happen if you miss the deadline, irrespective of why you may have done so. However, the penalties that can occur when individuals miss their tax deadline, vary depending upon whether the taxes haven’t been...

Research has uncovered the widening gap between the amount of taxes that are taken from businesses in different countries, and the tax burden placed on business profits can be up to 3 times more in some countries. This serves only to highlight the disparities between ‘low tax’ emerging economies, and most ‘high tax’ developed...

We all know that the overall goal of planning our taxes, is to pay the minimum amount that we are legally required to, but if you’re a business owner, be warned that any actions you take to reduce your taxes, will have effect upon the book value of your assets. It’s important that you think long and hard about what might be best for your business in...

The role of an Enrolled Agent can be confusing to many, and as a result, some small business owners may not fully understand how an EA can help with their taxes and hence are unsure as to whether they would benefit from their services.

For owners of businesses large and small, employing the services of a tax planner is often considered, and there are many good reasons for this. But first, let’s begin by looking at exactly what role a tax planner fulfils:

If you’re a first-time tax filer, in some ways life will be made easier as young adults are less likely to have complex financial circumstances that would result in hundreds of pages of tax documentation, but it can still be a stressful, time consuming period in life. So, here are a few commonly asked questions and tax filing tips for students and young...

For your small business to succeed, it’s essential that you use tax planning strategies to lessen the amount of money that you need to pay to the IRS. Below are some simple tax planning strategies that you should be utilising, and for more detailed strategies, it’s best to seek professional help in the form of a tax planning and preparation...

When filing your taxes as a resident or nonresident alien of the U.S. you’ll find that there are some differences between how you are required to fulfill the rules, and how a citizen of the U.S. is. There may in fact, be some income tax exemptions for certain individuals who are not U.S. citizens, depending on their circumstances. Let’s take a closer...

Many years have passed since there was last a tax reform - way back in the days of President Reagan, in fact – and the new ‘Tax Cuts and Jobs Bill’ that has recently been passed is bound to have an impact on all taxpayers, from individuals to business owners.

If you’re a non-resident alien living in the states today - or NRA - you will likely face significant issues when trying to obtain refunds of withheld IRS taxes that are rightfully yours. A recent IRS freeze on credits that were claimed on Form 104NR (or the Non-Resident Alien Income Tax Return), which did not match the data filed on forms 1042 by tax...

Taxes are something that I’m certain only those involved in the tax profession enjoy dealing with, and even then, I’m sure that they get bored of the paperwork, endless figures and constantly changing tax laws! That said, no matter how boring or troublesome we find dealing with our taxes to be, we simply cannot ignore them, and if we do, we can end up...

Once you have your tax information up together with all the necessary paperwork and documentation, you’re ready to start preparing your taxes. Some people choose to tackle this alone, while most seek professional help to ensure that they get the best from their money. So, who can you turn to when getting ready to prepare your taxes?

If you’re new to the world of business, you may not know what an EA, or enrolled agent is or even how they can help businesses with their taxes. If you’re one of those people, then read on and find out whether an EA can help you with your taxes:

Now that we’re firmly into 2018 and 2017 is becoming a distant memory, if you’re a small business owner, you’re probably busy trying to keep afloat or work out ways to improve your business in the new tax year.

While the tax reform bill that became law at the end of 2017 may not change how you operate...

Tax filing naturally means that you are reviewing your business’s finances, and so once your taxes have been filed, it makes good business sense to think about the future of your finances before you put all your paperwork away. Here are a few points to consider for your businesses financial future, once your taxes have been filed:

President Trumps shake up of US tax laws is certain to affect you in some way, but the full depth of the reforms, are not yet fully understood - even by tax professionals - and just how the changes will affect individuals, is still unclear.

The new laws will be applicable to 2018’s taxes, and as the new bills are...

It could be many weeks, or even months, before taxpayers and payroll processors begin to fully understand how the new tax laws will affect matters, but the guidance due to be issued by the IRS this month, should give further insight.

Changes to the way taxes are filed and processed will be put into place in February, and...

The holidays are hot on our heels, and we all know that this can be an exceptionally busy, stressful and chaotic time of year for everyone, even more so if you’re a business owner or are self-employed.

That in mind, it’s important to ensure that you give yourself enough time to plan for your taxes and make the...

The tax system in the US can be confusing, particularly if you’re not born and raised there and have come to the country from elsewhere in the world to work, and there are often many documents involved when applying for such things as an SSN or an ITIN.

It’s that time of year again, and as a small business owner you’re thinking about preparing your taxes ready to be filed. Penalties for errors or late filing can be costly, especially for smaller companies, and so getting ahead and preparing your taxes is strongly advised. But what if you don’t have the time to do this yourself, or don’t...

Since 2001, tax preparers have been required to undergo a federal tax law examination to prove their technical skills and knowledge by the IRS. While there are no educational or experience requirements necessary to become a tax preparer, the more successful ones will have the following knowledge and skills to help businesses file their tax returns, along with...

There are several different ways in which you can file your federal income tax return for your small business, when the time comes, and it will depend upon whether your business is being run as a sole proprietorship or with a legal entity like an LLC or corporation.

Thinking about your taxes well ahead of time may be the furthest thought from your mind, but rest assured that it’s one of the best ways of reducing the risk of a major tax headache, and helps to avoid mistakes being made due to last minute panic.

Here are 4 ways to help you focus on your taxes now, to help you avoid a...

If you own a small business, then you’ll understand the importance of establishing goals to help your company grow and achieve its objectives. A good set of clear and defined goals can help your business set about achieving what it wants to accomplish, and can even help to forge a better team who understand what they are all working towards.

Ralf F.Heyer

September 8, 2017

Dear Friends,

Due to the approach of Hurricane Irma, our office will be closed on Friday (9/08) as of 5:00 PM (or sooner depending on the weather condition), but we expect to resume business as usual on Tuesday (9/12) pending the outcome of Irma.

There are many different tax planning strategies, of which a tax professional will happily guide you through, but the most basic tax planning strategies are designed to reduce the amount of your taxable income, and increase the amount that you are refunded. Tax refunds are based upon how much more tax you pay, than what you owe.

Recent surveys have shown that more than half of the population use the services of a paid tax preparer when completing and submitting their tax returns, and for these people, it’s crucial to get started well before the tax return is due. Left too late, and you simply will not have a pleasant tax experience, and may even incur fines for untimely...

Paying more than you ought to the IRS, is something every individual or business owner will try to avoid, and while everyone must pay their taxes, understanding some common tax exemptions and deductions, can help minimize the total and ensure that the end amount is accurate.

Reducing taxes is a goal many of us aspire to, and by trying to understand our taxes better and become tax law savvy, we can often end up saving ourselves many dollars each year. Read on for the top ten tips for reducing your taxes:

If used for raising revenue alone, the US tax system would doubtless be a much simpler affair. However, as the system needs to be fair, efficient and enforceable, and has been used by Congress to influence many aspects of political life and for delivering benefits to groups and industries for many years now, it remains complicated, and in fact, becomes more...

Whatever stage your small business happens to be at, there will always be plenty of ways in which an accountant can help you out and make your business potentially more profitable. Along every step of your businesses journey, there will be tax planning and strategies to consider, not to mention ensuring that payroll is running smoothly and efficiently, no matter...

Resulting from Florida’s amiable tax climate - which remains stable and has progressive tax legislature – the Sunshine state has become an attractive location for new and expanding businesses of all industries and sizes.

Prospective business owners cite favourable taxes as being ranked highly among their top...

Making money is the sole purpose of most small businesses, and while many may still see themselves as being successful even if they’re not in profit at the end of each financial year, most small business owners will do everything that they can to get as much from the existing businesses cashflow, as they possibly can.

Did you know that the federal government offers varied tax breaks for small businesses; tax breaks that could do more than just help your small business to keep afloat, but help it to become more successful and thrive, too.

Some of these tax breaks may be yesterday’s news to most small business owners, but some may...

There are often several reasons why small businesses don’t employ the services of a bookkeeper, but as most business consultants will tell company owners that hiring a bookkeeper could really benefit their business, knowing when to hire one is quite simple!

How you prepare and file your taxes, depends entirely on what type of small business you have; whether you run it as the sole proprietor or use a legal entity like an LLC or corporation. Depending which applies to you, there will be a tax form to report the income from your business and its expenses. While the forms are different, the way in which you calculate...

It may feel as if there is never a good time to start thinking about your taxes; they can be complicated, time consuming and stressful. But leaving them to the last minute is never a good idea, especially if you have a high income, itemized deductions, are self-employed or own a business.

Number crunching isn’t everybody’s favourite task, and budgeting for your small business can be tricky, but successful businesses are usually the ones who have mastered the art of budgeting, and go on to reap the rewards. Creating and maintaining a budget for your small business doesn’t have to be hard, and provided you stick at it and update it...

Creating reports for your business may not always be a priority, but whether you’re the sole proprietor or have partners, business reports can save you money in the long run and help to secure the future of your company.

If you’re the owner of a small business, trying to get prepped for your taxes can be a baffling time and while it’s often advisable to hire the services of tax professionals to help you sort them out, it’s also a good idea to have at least a basic knowledge of your own. Knowing how to save money through tax deductions can be extremely helpful,...

Bookkeepers take on many varying responsibilities when they’re employed to work within small businesses - some bookkeepers even specialise in certain areas - but their main efforts centre around organising all the financial transactions involved with operating a small business. Listed below are just a few of them:

If you’ve recently set up a small business, you’ll need to start preparing for your taxes right away. It’s imperative that you have a well organised bookkeeping system right from the get go, so that you can begin keeping accurate records and receipts for all deductions.

Day to day bookkeeping is of course essential, but many small and medium sized businesses find themselves getting bogged down in it, leaving them with precious little time to focus on other aspects of their business.

Should the vital elements of day to day bookkeeping become overlooked, or simply skipped due to time and other...

Business owners the world over, spend countless hours each day, week, and month tracking their accounts, and recording their expenses. Even small business owners find this to be time consuming and often frustrating, particularly as there are other areas of their business that they would prefer to be working on.

For any small business owner, tax time can evoke a sense of dread and foreboding, and it can be a very stressful time of year all round. Because of the stress and urgency surrounding tax time, it’s easy for business owners to make myriad mistakes when preparing to file their returns.

Maybe you’ve recently set up your own business and have taken on a small workforce, or perhaps your company is growing along with your staff? Whatever your circumstances, you will quickly need to get on top of payroll and ensure that your employees are being paid on time, and accurately. Failure to do so, could easily result in a very disgruntled workforce...

As much as we all despise having to prepare and file our taxes every year, approaching it proactively really is the best way to stay on top of them, and the only way to avoid making costly errors or risk missing deadlines that could incur penalties.

Being proactive for many of us, means hiring a professional in plenty of time;...

The healthcare industry is a specialised one, and changes to tax regulations can seriously affect healthcare businesses. Medical professionals – ranging from dentists and physicians, to medical practice owners – often require assistance with their taxes, in order to ensure that they comply to current tax laws, and don’t end up paying more than...

Specialised industries or individuals, such as attorneys, dentists, physicians and medical practice owners, restaurants and rental and real estate ownersand realtors - to name but a few - typically require a unique set of services and specific knowledge to help them with their accounting needs.

Bookkeeping is something that many business owners take on themselves, particularly when their business is new and trying to find its feet. Business may be slow in those initial stages, affording them ample time to learn the necessary aspects of basic accounting and bookkeeping; skills that are always useful to any business owner.

Okay, so small business taxes might not be a subject we want to linger on, but for those of us out there who know that this same subject is going to keep coming around, year in year out, we may as well learn what we can in order to try and simplify the process and ensure that when it is tax time, we have to spend as little time preparing for it, as possible....

You’ve worked hard to create your own business, and you don’t want to see it fail. One way of ensuring that your business remains – or becomes – a success, is by ensuring that you have the tax side of things, under control. Tax time can easily creep up on you, and many small business owners put off their filing until the last minute,...

If you are the owner of a small business, it can be difficult to weigh up the pro’s and con’s of hiring a professional bookkeeping service; do you try and save money by going it alone, or do you pay out and have someone else calculate your books for you?

Tax season is the one time of year that small business owners dread the most, but pushing thoughts of filing requirements and deadlines to one side, will only make matters worse.

Tax planning, if kept up to date throughout the year rather than just during tax season, can help you sail through your returns instead of wading through them, and here are six top tips to help you plan...

As a small business owner, keeping on top of your finances and trying to uphold and maintain a series of good bookkeeping habits, can be the difference between success and failure; it really is as simple as that.

So here are 5 of the most important bookkeeping habits that owners can adopt in order to keep their small businesses afloat and thriving:

Disability health insurance is designed to protect you and your family from financial worries when illness or an injury prevents you from being able to work. Some companies will offer disability health insurance cover, or you may find that you have to purchase your own policy.

Being able to support yourself and your family is important to you, but you may need a little advice in...

If you’re a small business owner, you’ll know how important it is to establish and maximise the value of accounts receivable. Doubtless your company is running on a slim profit margin, and to be forced to take losses on this could be damaging to you and your business.

Below are some best practices to ensure that your accounts receivable don’t get the better of...

The process of recording financial transactions undertaken by your business is basically what accounting is; each transaction is documented in such a way that it can be analyzed in order to help you make sensible decisions regarding your business.

There are many different accounting terms used during this process, some of...

Tax return preparation can be a lengthy and mind boggling affair, with many individuals preferring to leave their returns in the hands of a professional. Millions of returns were filed last year with the help of tax return preparers, but just how do you know which one you should choose?

There is precious little in life more important than your health, so choosing a health insurance policy shouldn’t be something that you enter into lightly. Be prepared to spend time thoroughly researching different health insurance providers; the five points below should help you make an informed choice:

Some things in life are simply unavoidable, but tax audits need not be one of them. Below are 5 ways to avoid those ‘red flags’ which may cause the IRS to dig a little deeper into your business affairs:

Businesses at a loss: If the IRS spot business ventures with single proprietors recording...

A wide range of accidents can be caused by your business, and costly claims and legal fees may ensue. To avoid this, it’s necessary to select the type of business insurance policy that’s right for you.

Running your own company is full of challenges, some of which will be unforeseen, but keeping the books is definitely one challenge that you can prepare for, and below are 5 ways to avoid the most common accounting mistakes made by small businesses:

Running a business can be a costly venture, and something that many shy away from because they feel overwhelmed by the financial side of things; overheads are difficult to keep track of, unexpected expenses may occur and budgeting may go out of the window. But the following tips for keeping your finances in order may help your business stay afloat and your head...

As a small business owner, setting up your budget enables you to forecast your overall outgoings and profit margins. You should use it to plan ahead and judge how your business is going to perform. This should be an ongoing process of reviewing and updating your budgets, then comparing the results with your original forecast plan.

There are many instances in life in which we are faced with the choice of attempting to do something ourselves, or seeking the help of a professional. Now while the decision might be made easier when considering whether to attempt a spot of home DIY yourself - as after all, a wonky shelf or crooked door are not necessarily costly disasters - the decision becomes a...

An IRS audit or a tax audit is a review of a business’ accounts and financial information to verify that the tax amount reported is correct. This is one of the things many small business owners would like to avoid.

While there is no way to completely avoid the audit, there are certain things you can do to minimize your exposure. In this article, we will discuss about some...

Small business owners should be aware of the taxes that they are supposed to pay. There are several types of taxes a small business may have to pay such as income taxes (both federal and state), employment taxes, self-employment taxes, sales taxes and local taxes.

Many small business owners are good at performing their core business activities and often overlook the importance of tax...

Ralf F Heyer, EA

July 28, 2015

Many business owners try to keep their records on their own using some online applications. Is it a wise thing to do your own bookkeeping trying to save on a bookkeeper’s service? While you can handle some basic bookkeeping work, it is almost impossible for you to hit the efficiency and accuracy of a professional bookkeeper.

Ralf F Heyer, EA

For many small business owners, tracking and analyzing their finances is a painful exercise. Poor financial management is one of the major reasons for many small businesses to fail within the first few years of establishment.

Ralf F Heyer, EA

Accounting is an important business function that allows businesses to review the efficiency of their operations. Accurate financial information helps business owners make proper business decisions and improve the profitability of the company.

Though accounting provides a clear picture of their business success, many small business owners overlook the importance of financial...

In three easy steps, our team can help youfind your path to a sustainable, profitable businessand more individual freedom.

Latest from Our Blog

November 8, 2018

Top Tax Tips For Your Best Ever Tax Return Experience!

Filing your taxes each year need not be a stressful experience if you prepare in advance and take the time to understand a little more about what can get you a credit or a deduction. Even if you’re using the services of a tax professional, it doesn’t hurt to understand as much as you can about the whole process, and the more information you can...

Changes To Small Business Taxes

Changes to tax legislation mean that small businesses the world over are getting a break on their taxes, and the legislation is one of the most significant tax overhauls passed in decades. It’s responsible for providing pass-through businesses and corporate entities with lower tax rates.